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Burned Out Families Face Competitive Housing Market After Devastating Fires in California

share-iconSaturday, January 11 comment-icon1 week ago 5 views
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latimesLATIMES
Burned Out Families Face Competitive Housing Market After Devastating Fires in California

Credited from: LATIMES

  • Thousands of families have been displaced due to fires in Pacific Palisades and Altadena, leading to a desperate search for rental properties.
  • Local agents report bidding wars where renters are offering up to a year’s rent in cash to secure a home.
  • Prices in the rental market are spiking, with some listings increasing by nearly 28% following the state of emergency declaration.
  • Many families are evaluating whether to rent short-term or buy homes with insurance stipends, given the lengthy rebuilding process.
  • Price gouging laws are in effect, capping increases, but agents observe many landlords are skirting the law and raising rents significantly.

For the full article, visit Los Angeles Times.

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California fires Housing crisis Rental market Displacement Price gouging
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Gloria Terra

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